TORONTO, ONTARIO -- (Marketwire) -- 01/15/13 -- Continental Gold Limited (TSX:CNL)(OTCQX:CGOOF) ("Continental" or the "Company") is pleased to announce results for 23 diamond drill-holes from the Yaragua and Veta Sur vein systems, as part of the Company's ongoing exploration program at the Buritica Project in Antioquia, Colombia. Seven drills are currently on site as part of the Company's Phase IV, minimum 95,000-metre diamond drill program for 2013.

Both these intercepts vertically extend the high grades in Vein C in this area.

Veta Sur Vein System (Figures 1 and 3)

-- Drilling in the Veta Sur vein system ("Veta Sur") has resulted in
extensions to several vein sets and the recognition of other veins also
outside of the current mineral resource model, as well as providing
additional in-fill results within the current mineral resource model.
-- BUSY318, transected the central Veta Sur system, intersecting 20
auriferous veins within the current mineral resource, including an
intercept of:
-- 16.5 metres @ 20.7 g/t gold and 41 g/t silver (including 1.12 metres
@ 199 g/t gold and 346 g/t silver) (elevation of 1,647 metres)

at an elevation of 1,650 metres, more than 800 metres higher vertically than high-grade gold intercepts encountered in this area with previous deep drilling.

"It is most pleasing to see drilling continues to extend the potential of both the Yaragua and Veta Sur systems," commented Ari Sussman, CEO. "Additionally, infill drilling continues to intersect higher than modeled grades, corroborating our thesis that with increased density of data, grade should increase."

Details

Continental's 100%-owned, 57,641-hectare project, Buritica, contains several known areas of high-grade gold and silver mineralization, of base metal carbonate-style ("Stage I") variably overprinted by texturally and chemically distinctive high-grade ("Stage II") mineralization. The two most extensively explored of these areas (the Yaragua and Veta Sur systems) are central to this land package. The Yaragua system has been drill-outlined along 900 metres of strike and 1,300 vertical metres and partially sampled in underground developments. The Veta Sur system has been drill intersected along 570 metres of strike and 1,180 vertical metres. Both systems are characterized by multiple, steeply-dipping veins and broader, more disseminated mineralization and both remain open at depth and along strike, at high grades. See "About Continental Gold" (below) for a precis of the updated mineral resource estimates for the Buritica project prepared in accordance with NI 43-101. This release documents the results of infill and extension drilling of the Yaragua and Veta Sur vein systems.

Yaragua Vein System

Significant new drill intercepts are listed below in Table I and are referenced in Figures 1 and 2.

Two fans of underground holes were drilled in eastern and central Yaragua, targeting the central and northern Yaragua vein families and extensions of the Yaragua system further to the north (Figure 1). Each drill-hole encountered multiple gold-silver and variable base metal mineralized intercepts. Within the current Yaragua mineral resource envelope, the grades and apparent thicknesses of these intercepts were generally consistent with related vein domains in comparable areas of the current mineral resource model. Drill-hole intercepts exhibiting substantially higher grades and/or greater thicknesses than the current model include:

Drill-holes that were continued to the north of and outside the current Yaragua mineral resource model intersected multiple veins, some of which are enriched in silver and zinc with over 200 metre lateral and 200 metre vertical extents. In central Yaragua, significant intersections include:

These and other intercepts are interpreted to represent lateral and/or vertical extensions of the Vein A and Vein D packages and also yet to be modeled vein domains to the north of the current Yaragua mineral resource model.

The results of BUSY309 extend the southern and central Yaragua vein sets to the east and to depth in eastern Yaragua. Thick intercepts in the Murcielagos vein package include:

BUSY307 and BUSY312 were drilled from central Yaragua to the northwest, testing the southern and central Yaragua vein packages. Within the mineral resource envelope, mineralized intercepts were generally of comparable grades and thicknesses to comparable vein domains in the current mineral resource model. Both drill-holes vertically extended high gold grades in Vein C, with broad intercepts of:

BUSY316 intersected several high silver/gold vein domains (Table I) at high elevations in the sparsely-drilled Yaragua South area. It is not yet clear whether these vein domains may represent the most southerly shallow parts of the Yaragua system or whether the veins encountered are easterly extensions of the southern Veta Sur vein system (Figure 1).

Veta Sur Vein System

Significant new drill intercepts are listed below in Table II and are referenced in Figures 1 and 3.

BUSY302, drilled with a northwest azimuth, encountered a high-grade base metal-rich vein (2.25 metres @ 21.9 g/t gold, 68 g/t silver and 7.0% zinc, from 29.65 metres down-hole, elevation of 1,682 metres). This intercept is outside of the current mineral resource envelope for the more southerly Veta Sur vein sets. After intersecting a high silver/gold vein further down-hole, BUSY302 was abandoned because of drilling problems prior to reaching its prime targets.

BUSY315, after intersecting several veins with high silver/gold, was also abandoned at shallow depths prior to attaining its main targets.

Drilled from north to south across central Veta Sur, BUSY318 intersected (around elevations of 1,734 metres) high silver/gold veins that appear to align with high-grade gold intercepts in BUSY291 (see October 29, 2012 news release) more than 800 metres below and also outside of the current mineral resource envelope.

Between 100 metres and 300 metres down-hole, BUSY318 intersected eighteen veins, with intercepts mostly exhibiting gold and silver grades comparable with corresponding domains in the current mineral resource model in this area. The high-grade intercept of 16.5 metres @ 20.7 g/t gold and 41 g/t silver (from 165.5 metres down-hole, elevation of 1,647 metres ) included two very high grade intervals (1.12 metres @ 199.0 g/t gold, 346 g/t silver and 0.85 metres @ 63.7 g/t gold and 30 g/t silver) of Stage II mineralization. The true horizontal width of this intercept (estimated as 10 metres) is greater than the corresponding domains in the mineral resource model and is at elevations more than 30 metres higher than the nearest high-grade intercepts in BUSY079 (see August 31, 2010 news release). From 266.6 metres down-hole, BUSY318 intersected 0.85 metres @ 137.0 g/t gold and 20 g/t silver (elevation of 1,563 metres). This intercept is of substantially higher grades than the related mineral resource domain and interpreted to be part of a steeply plunging, high-grade (Stage II mineralized) subzone, separate from that further up-hole.

From 300 metres down-hole, BUSY318 intersected four auriferous veins to the south of the Veta Sur mineral resource envelope. These intercepts are interpreted to represent a southern family of yet to be modeled veins in Veta Sur, which will be drilled from the Veta Sur ramp in 2013. The BUSY318 intercept of 0.42 metres @ 59.7 g/t gold and 644 g/t silver (from 458.8 metres down-hole, elevation of 1,405 metres) is the most southerly and deepest high-grade intercept so far encountered in the southern Veta Sur vein family.

Two drill-holes (BUSY311 and BUSY314), located some 550 metres to the southwest of BUSY318, tested for extensions of the Veta Sur system in this area (Figure 1). Each drill-hole encountered multiple intervals of high silver/gold mineralization and moderate to high base metal contents at relatively high elevations between 1,550 and 1,700 metres elevation to the southwest of the Veta Sur mineral resource model. The two higher grade intercepts in BUSY311 (1.10 metres @ 4.5 g/t gold and 67 g/t silver, from 262.9 metres down-hole and also 1.30 metres @ 1.8 g/t gold and 378 g/t silver, including 0.4 metres @ 3.6 g/t gold, 1,080 g/t silver and 6.9% zinc, from 319.65 metres down-hole, elevation of 1,650 metres) are interpreted as potential extensions of central Veta Sur vein sets. BUSY210 (see November 23, 2011 news release) drilled the potential vertical extensions of these veins some 800 metre lower in elevation and 100 metres to the northeast along strike and exhibited much higher gold grades with low silver/gold. Further drilling will clarify the depth extensions of vein sets encountered in BUSY311 and BUSY314 in due course.

BUSY304 intersected several veins with high silver/gold about 200 metres to the southwest of intercepts in BUSY311. These vein sets may represent far southwesterly extensions of Veta Sur or westerly extensions of the Laurel vein system within the La Estera area (see December 13, 2012 news release).

Technical Information

Vic Wall, PhD, special advisor to the Company and a qualified person for the purpose of NI 43-101, has prepared or supervised the preparation of, or approved, as applicable, the technical information contained in this press release. Dr. Wall is a geologist with 35 years' experience in the minerals mining, consulting, exploration and research industries. Following a career in Australian and North American academes, he held senior positions in a number of multinational major and junior minerals companies. A Fellow of the Australian Institute of Geoscientists, Dr. Wall is Principal of Vic Wall & Associates, a Brisbane-based consultancy that provides geoscientific services to mineral companies and government agencies, worldwide.

The Company utilizes a rigorous, industry-standard QA/QC program. Core is sawn in half with one-half shipped to a sample preparation lab in Medellin run by ALS Colombia Limited ("ALS") in Colombia. Samples are then shipped for analysis to an ALS-certified assay laboratory in Lima, Peru. The remainder of the core is stored in a secured storage facility for future assay verification. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance and a portion of the samples are periodically check assayed at ACME Analytical Laboratories in Vancouver, British Columbia and/or Inspectorate America Corp. in Reno, Nevada.

The Company does not receive assay results for drill-holes in sequential order; however, all assay results are publicly reported. A complete listing of assay results to date for the Buritica project is available on the Company's website at www.continentalgold.com.

For additional technical information on the Buritica project, please refer to the Company's technical report (the "Technical Report") entitled "2012 Mineral Resource Estimate of the Buritica Gold Project, Colombia" dated November 15, 2012 with an effective date of October 22, 2012, prepared by Andrew J Vigar, BAppSc Geo, FAusIMM, MSEG, and Martin Recklies, BAppSC Geo, MAIG, each of Mining Associates Pty Limited, available on SEDAR at www.sedar.com, on the OTCQX at www.otcmarkets.com and on the Company website at www.continentalgold.com.

About Continental Gold

Continental Gold Limited is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia. Spearheaded by a team with over 40 years of exploration and mining experience in Colombia, the Company is focused on advancing its high-grade Buritica gold project to production. On October 1, 2012, the Company announced an updated mineral resource estimate for the Buritica project prepared in accordance with NI 43-101 which covers two major vein systems, with combined Measured and Indicated mineral resource of 3,740,000 tonnes of mineralized material containing 1,640,000 ounces of gold grading 13.6 g/t gold, 4,600,000 ounces of silver grading 38 g/t silver, and 55,800,000 pounds of zinc grading 0.7% zinc. The combined Inferred mineral resource is 13,330,000 tonnes of mineralized material containing 3,760,000 ounces of gold grading 8.8 g/t gold, 14,200,000 ounces of silver grading 33 g/t silver and 156,500,000 pounds of zinc grading 0.5% zinc.

In August 2012, Continental achieved an important milestone, receiving formal approval for the modification of its existing Environmental Impact Assessment. The amendment allows the Company to build a six-kilometre switchback road and begin underground development by constructing a one-kilometre access tunnel. With a goal of being the newest hard rock gold producer in Colombia, Continental has commenced the construction of the access tunnel, which will initially provide access for underground drilling and eventually used for commercial production. The objective of the drill program underway at the Buritica project is to further delineate the mineral resource and drill new target zones identified within its concessions.

Additional details on the Buritica project and the rest of Continental's suite of gold exploration properties are available at www.continentalgold.com.

Forward-Looking Statements

This press release contains or refers to forward-looking information under Canadian securities legislation, including statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, and timing of the commencement of operations, and is based on current expectations that involve a number of business risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

Differences in Reporting of Resource Estimates

This press release was prepared in accordance with Canadian standards, which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources", "indicated mineral resources", "measured mineral resources" and "mineral resources" used or referenced in this press release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ significantly from standards in the United States. While the terms "mineral resource", "measured mineral resources", "indicated mineral resources", and "inferred mineral resources" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, United States companies are only permitted to report mineralization that does not constitute "reserves" by standards in the United States as in place tonnage and grade without reference to unit measures. Accordingly, information regarding resources contained or referenced in this press release containing descriptions of our mineral deposits may not be comparable to similar information made public by United States companies.

To view "Figure 1 - Plan View of new drilling highlights, showing the surface projection of veins in the October 2012 mineral resource model on geology-topography", please visit the following link: http://media3.marketwire.com/docs/FIG1846763.jpg.

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